Global Daily

This report highlights rising military and geopolitical tensions in the Strait of Hormuz and their potential to disrupt global energy markets. It also covers shifts in economic statecraft, including increased protectionism in the US and Europe.

Key Takeaways

• 1.Rising geopolitical tensions in the Strait of Hormuz increase the likelihood of energy supply disruptions and extended military confrontation.
• 2.Energy markets remain fragile as Russian diesel export bans and regional conflicts put upward pressure on global refined product crack spreads.
• 3.Macroeconomic policy is increasingly being driven by 'economic statecraft,' including domestic-focused industrial policies in the EU and US.

Table of Contents

• Market comment
• Day ahead

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